Sandwich Maker Potbelly Prices IPO At $14, Above Estimated Range - Quick Facts

(RTTNews) - Sandwich maker Potbelly Corp. announced the pricing of initial public offering of 7.5 million shares of common stock at $14 per share, above the expected range. The offering is expected to close on October 9, 2013.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 7.5 million common shares between $12.00 and $13.00 per share.

The Chicago, Illinois-based company shares are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol "PBPB" on October 4, 2013

The company is selling 7.35 million shares of common stock and certain stockholders are selling 150 thousand shares of common stock

BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering, and Robert W. Baird, William Blair, and Piper Jaffray are acting as co-managers.

Potbelly started in 1977 as a small antique store on Lincoln Avenue in Chicago. To boost sales, the original owner began offering toasty warm sandwiches to customers. The original owner sold the Lincoln Avenue store to Bryant Keil in 1996.

Potbelly is a fast-growing neighborhood sandwich concept offering toasty warm sandwiches, signature salads and other fresh menu items like milkshakes and baked cookies .

The company reported net profit attributable to Potbelly of $24.05 million, an increase from $7.17 last year, while revenue grew 15.5% to $274.9 million for 2012, according to the filing.